Have you been unable to obtain a mortgage due to past credit issues? Perhaps you declared bankruptcy or previously dealt with a foreclosure. Are you starting to recover from that financial hardship, but have not quite passed the 3 – 7 year waiting periods required by most mortgage products these days? A growing number of individuals are finding themselves in this exact situation – held back by industry requirements and unable to purchase a home of their own.
After the housing crash, many mortgage lenders greatly restricted guidelines, making it more difficult for clients who experienced these financial hardships to purchase homes or refinance. Many potential homeowners are still unable to purchase homes due to these stricter requirements.
Because of this, many potential homebuyers have been forced into renting when purchasing might be in their best interest.
Today, new products are rolling out and investors are beginning to relax guidelines to allow these potential homeowners to finally again become eligible for a mortgage. The new products allow shorter waiting periods for clients with previously adverse credit events such as short sales, bankruptcies, and foreclosure. With foreclosures, clients must provide documentation supporting that that matter has been resolved.
While these products have more expanded guidelines, they’re still far from the sub-prime products that were around prior to the housing crash since income, assets, credit, equity in the property, and liabilities are all factored into mortgage approval, and the client should show they are recovered from this credit event.
Quicken Loans May Be Able to Help
If you’ve found yourself in this situation, unable to qualify and previously held back by industry requirements, contact Quicken Loans, as they may be able to help. Within the past year, Quicken Loans has rolled out new products that may help Americans previously denied mortgage approval to obtain a mortgage.
Even if Quicken Loans was unable to qualify you in the past few years, these new products might help you qualify now. Speak with a mortgage banker now to hear your options today!
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